Logo of Arabian Pipes
Arabian Pipes Co.’s shareholders rejected the board of directors’ recommendation to increase capital via a SAR 300 million rights issue during the extraordinary general meeting (EGM) held on May 12.
In a statement to Tadawul, the company said all options will be worked out in favor of the business and its shareholders.
In June 2021, Arabian Pipes’ board recommended a capital reduction to restructure the company's capital and offset accumulated losses. A SAR 300 million rights issue was also proposed to raise capital.
In February 2022, the company's shareholders approved a 75% capital cut to SAR 100 million from SAR 400 million, Argaam earlier reported.
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